Annual report pursuant to section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Revenues $ 4,481,355 $ 8,987,848
Cost of sales 4,705,173 7,075,063
Gross (loss) profit (223,818) 1,912,785
Operating expenses:    
Selling, general and administrative 5,240,884 5,981,212
Research and development 554,745 833,876
Impairment expense 3,397,212 407,369
Total operating expenses 9,192,841 7,222,457
Operating loss (9,416,659) (5,309,672)
Non-operating income (expense):    
Interest income 203 569
Gain on debt restructuring 1,048,308  
Interest expense (210,014) (126,731)
Other income   10,920
Total non-operating income (expense), net 838,497 (115,242)
Loss from continuing operations (8,578,162) (5,424,914)
Discontinued operations:    
Income (loss) from discontinued operations 683 (44,156)
Net loss (8,577,479) (5,469,070)
Accretion of preferred stock beneficial conversion feature (5,195,225)  
Accrual of preferred stock dividends (30,556)  
Net loss attributable to common stockholders $ (13,803,260) $ (5,469,070)
Basic and diluted loss per common share:    
Loss from continuing operations attributable to common stockholders $ (0.63) $ (0.33)
Discontinued operations $ 0.00 $ 0.00
Net loss attributable to common stockholders $ (0.63) $ (0.33)
Basic and diluted weighted average shares outstanding 22,065,023 16,405,789